February 19, 2011

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New Mexico State Auditor Hector Balderas has all but settled on running for the U.S. Senate seat that will be vacated by Sen. Jeff Bingaman next year, according to a Democratic source familiar with his thinking.

Balderas, who is considered a rising star in his party for becoming the youngest Hispanic statewide elected official in the country in 2006, has already contacted the Democratic Senatorial Campaign Committee, made phone calls to donors and consultants and taken the initial steps to build a campaign team, the source told POLITICO Saturday.

"It's 95 percent. He's all but in," said the source.

Besides being young and Hispanic, Balderas has also earned himself positive headlines in New Mexico for taking an aggressive approach to cracking down on wasteful spending, fraud and corruption by public figures — a profile and message that advisers believe is likely to serve him well in the current political environment.

In 2010, Balderas cruised to reelection while his party lost the governor's mansion and one of the three House seats.

The source said there's no timetable for a public announcement, but considering the pace of Balderas's outreach, it's likely to be sooner rather than later.

The 67-year-old Bingaman announced Friday he would not seek a sixth term, creating an open seat opportunity in the Democratic-leaning state.